The Department for Work and Pensions (DWP) will ban the charging of flat fees on auto-enrolment (AE) pots valued at or below £100 and launch work on how to standardise cost and charges reporting.
Dashboards ready from 2023?
Pensions minister Guy Opperman sets out how impending Pension Schemes Bill will improve retirement savings in the UK
The Pensions Dashboards Programme (PDP) has published its second progress update report – setting out a timeline for the development of the project and revealing the dashboard would not be ready to be offered to consumers until 2023.
Pension dashboard update soon
'Festering sore on the face of pensions'
Numbers jumped due to auto-enrolment
Transfer warnings not heeded
Pensions schemes will face significant additional working costs reaching into the millions of pounds to prepare their data for the pensions dashboard, according to Lane Clark & Peacock (LCP).
Pensions and financial inclusion minister Guy Opperman has warned schemes who do not have their data organised to the standard required for the pensions dashboard will face “draconian penalties.”
Could be delayed by general election
21-day transfer pledge
23% would discuss pension with cold caller
Under Boris Johnson
Future code of practice
No further retrospective changes
Last commission convened in 2002
The Pension Scams Industry Group (PSIG) has updated its voluntary code of practice to reflect regulatory and legislative changes that have affected the industry over the last year.
AE's 'truly staggering' impact
Some facing 'significant problems'